Willis agreed to merge with Towers Watson in an $8.7 billion transaction to add consulting operations, helping it compete against diversified insurance-broker rivals Aon Plc and Marsh & McLennan Cos. (Photo: Thinkstock)

(Bloomberg) — Towers Watson & Co. investors should reject a planned merger with insurance broker Willis Group Holdings Plc, proxy advisers Institutional Shareholder Services and Glass Lewis & Co. said. Willis declined the most since August in New York trading.

The consulting firm’s holders should seek improved merger terms, or “the better option at this time is to remain a standalone company,” Glass Lewis said in its report late Thursday. Shares of Towers Watson had dropped when the deal was announced in June.

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